"In the absence of a turn in risk sentiment, it's difficult to see the NZD moving down too far given still-strong domestic data and improving export prices."
— Sharon Zollner, ANZ Bank New Zealand (based on New Zealand Herald)
Pair's Outlook
During the second half of Wednesday's trading session the NZD/USD currency exchange rate passed the support of the weekly S1 at 0.6969 and declined. However, by the middle of Thursday's trading session the Kiwi was back at its previous level against the US Dollar, which is near the 0.6980 mark. Although, the previous forecast of the currency exchange rate falling to the weekly S2, which is located at the 0.6927 level, remains in force. The short lived passing of the weekly S1 just revealed that the support level does not have the required strength to keep the pair higher in face of the long term down-trend line.
Traders' Sentiment
Traders have not changed their open positions proportions, as 54% of open positions are long on Thursday. However, 64% of set up orders are to buy the Kiwi.
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